CBN Fines First Bank for Fraudulent Dealings, Accounts

The Central Bank of Nigeria (CBN) fined FBN Holdings subsidiary, First Bank of Nigeria Limited, N13.5 million for fraudulent dealings and other contraventions in 2022.

In a statement obtained on Saturday from FBN Holdings’ financial statements, released on Friday, it was revealed that the CBN penalised First Bank N2 million for fraudulent dealings/withdrawal through the opening of fraudulent accounts.

The lender was also hit with an N11.5 million fine for infractions in the month of April in respect of the CBN-NESI Stabilization Strategy by First Bank Kaduna.

The statement reads: “CBN penalty for aiding the fraudulent dealings/withdrawal through the opening of fraudulent accounts – Adcose Limited N2 million.

“CBN Penalty for infractions in the month of April in respect of the CBN-NESI Stabilization Strategy by First Bank Kaduna N11.5 million.”

Meanwhile, NGX Regulation Limited and the Securities Exchange Commission (SEC) sanctioned FBN Holdings for late submission of its financial statements.

NGX Regulation Limited fined FBN Holdings N8.1 million and SEC penalised the company N3.98 million for failing to meet its deadline for submission.

“During the period ended 31 December 2022, the Company paid penalty of N8.1 million and N3.98 million to NGX Regulation Limited and the Securities Exchange Commission respectively; for the late submission of audited financial statements for the period ended December 31, 2021 and unaudited financial statements for the period ended March 31, 2022,” the statement reads.